Only six weeks ago, Eth2 launched, and in this short period of time, it has become the 4th biggest staking platform by TVL. Still, the withdrawal functionality is not turned for users by the company.
1.5 Million ETH in Staking Contract
The users’ excitement about the staking functionality is very high as $1 billion has been deposited into the staking contract of the Ethereum network. As per the data provided by Staking Rewards, almost 1.35% of Ethereum’s total supply (1.5 million) has been locked for staking purposes.
The network is offering very competitive rates as rewards for staking. The value is set at 13.20%, which means that if a user deposits 32 TH, he would be able to claim $2,725 after one year.
The network has not given official data for the withdrawal of coins but will come soon. However, Rocket Pool claimed that the withdrawal functionality will activate in Q1 2021.
After launching in May, Polkadot has become the biggest staking network by TVL as 67.51% ($3.4 billion) of Polkadot’s supply is stored for staking purposes. Cardano comes at the second number with 65.53% ($3.37 billion) of its supply deposited into the staking contract.
Over previous proof of consensus, users were paying high fees over transactions due to scalability issues. But with the coming of proof-of-stake consensus, these issues have been solved, and now everyone can earn a profit after putting their Eth holdings on the staking platform.
Ethereum is now the biggest blockchain in hosting the highest number of decentralized applications. With the new upgrade, the adoption of the network would increase more as the network would become scalable, faster, and cheaper.
People have reacted passionately over the launch of the Beacon chain, which is a part of the new upgrade. For the launch of the Beacon chain, there were required 524,000 ETH, and users deposited more than the required amount.
Following the Bitcoin, the price value of the second-largest coin has increased many folds. At press time, it is exchanging hands at $6.61% after an increase of 2.12% over the last 24-hours. Over a timeframe of the last seven days, the cryptocurrency is up 20.70%, which makes it a top performer of the week. The top digital currency, on the other hand, is trading at $23,064 after a slight surge of 0.1% over the day. Over the week, Bitcoin has performed outstandingly as it is increased by 29.37%.